The 23-year-old has long been linked with a move to Spanish giants Barcelona.
“I am a professional and I fully understand that it is Arsenal’s prerogative not to sell me,” he said.
“I owe a lot to the club, manager and the fans and I will respect their decision and will now concentrate on the new season ahead with Arsenal.”
“Firstly, I would like to apologise to all the Arsenal fans for not speaking sooner about my future but I have not known what I was going to do until this moment,” he explained.
“I cannot deny that joining a club like Barcelona was not an attractive move for me.
“This was the club where I learnt my football, it is my home town where my friends and family are and a club where I have always dreamed of playing.
“There are not many players in the world who would not want to play for Barcelona.
“I have had many conversations with [Arsenal manager] Arsene Wenger both in person and over the phone over the last few months and although the content of those conversations will remain private, the conclusion is that Barcelona have had two formal offers rejected by Arsenal.
“I am an Arsenal player and as soon as I step out on to the pitch, that is the only club I will be thinking about. I am looking forward to the start of the season and putting this speculation behind me.”
